Send us a text

If you're a small business owner, your retirement planning is nothing like your employees'. Your business isn't just your job - it's your biggest asset and your retirement plan all rolled into one. This creates a perfect storm of challenges that most owners never see coming.

In this episode, Van Richards breaks down the critical intersection between Social Security strategy and business succession planning. You'll discover why these two elements must be coordinated from the start, and how failing to plan them together can cost you thousands in retirement benefits.

Key Topics Covered:

• The Social Security trap that catches most business owners (and how to fix it if you have 5-10 years left)
• Why paying yourself a low salary for tax purposes might be destroying your Social Security benefits
• The dangerous "consultation trap" that can get your benefits stopped entirely
• Three strategic approaches that actually work for business owners
• How the 2025 tax law changes affect your business exit strategy
• The four-part succession framework that connects to your Social Security timing
• Why only 30% of family businesses survive to the second generation
• The five biggest mistakes business owners make when coordinating these strategies

Real-World Examples: Meet Sarah, who owns a successful accounting firm but has been paying herself only $40,000/year while her business generates six figures. Learn how this common tax strategy is quietly destroying her Social Security benefits - and what she can do about it.

Who This Episode Is For:

• Small business owners in their 50s and 60s planning retirement
• Anyone considering claiming Social Security before full retirement age
• Business owners struggling with succession planning
• Self-employed individuals worried about retirement income
• Financial advisors working with business owner clients

Key Takeaway: Your Social Security claiming strategy and business succession plan are completely interconnected. You cannot plan one without considering the other. The good news? With proper planning and professional guidance, you can optimize both.

Important Note: This content is for educational purposes only and does not constitute investment, legal, or financial advice. Always consult with qualified professionals for your specific situation.

About the Host: Van Richards helps business owners navigate the complex intersection of Social Security optimization and business succession planning through the Retirement Learning Lab.

Follow Van:

• YouTube: RetirementLearingLab.com
• LinkedIn Van Richards, ChFC​®, RICP® | LinkedIn